It Just Got Easier For Banks To Deal With SBA Regulations

The U.S. Small Business Administration has modernized its standard operating procedure for lender and development company loan programs.

The revised document, SOP 50 10, has been cut in length from 1,000 pages to 400, is more logically organized and been updated as an electronic document containing hyperlinks that take a user to the most recent editions of relevant regulations and forms.

The previous document was cumbersome and out dated, and lenders cited it as a major impediment to working with the SBA, the agency said.

Program participants -- including lenders, certified development companies, and SBA employees -- gave significant input into the changes.

This is great news for small business. The more banks that are involved with SBA lending, the more likely it is that they will get funding.

Also see: Business Plans for SBA